The round of Series A funding was led by Banyan Capital, the same
venture capital firm that led a round of funding for Xiaomi, the
hot consumer tech company many people call "the Apple of China."

Moov also raised $1 million in two weeks during its crowdfunding
campaign and $200,000 from angel investors in a prior seed round,
bringing its total funding up to $4.2 million.

Moov appears to be focused more on the "virtual coach" aspect of
its wearable, rather than simply tracking your movement and
providing statistics.

Since the wristband comes with 3D sensors built in, it can
essentially reconstruct your movements rather than simply track
them. This means the Moov should theoretically be able to tell
you more about your form and how to improve it, as opposed to
rival fitness trackers that don't include 3D sensors.

The Moov,
which is up for preorder for $79.95, works with a few apps
specifically designed by the company that are tailored to
specific sports or activities. Moov already has apps for running,
walking, and boxing in the App Store, and plans to use its new
round of funding to expand that even further, CEO Meng Li told
Business Insider.

Moov's executive team is made up of researchers and designers
from Apple and Microsoft. Li and cofounder Tony Yuan both worked
at Microsoft Research, while Moov's software expert Nikola Hu
previously worked as an engineer at Apple.

Moov wants to
create more apps dedicated to certain activities, and is looking
into working with third-party developers. One possibility,
according to Li, is a martial arts game that would work with the
Moov. Another potential use case could be a physical therapy app
that would utilize the Moov's motion tracking capabilities to
help patients recover.